In addition to the blockchain implementation, a testnet is deployed. It allows us to change only certain parts of an application leaving other codebase intact. Our implementation uses a recent modular development framework for blockchains, called Scorex.
#Cryptocurrency will jettison mining speedier proofofstake how to#
We also show how to construct a light client for proof-of-stake cryptocurrencies and evaluate the proposal practically. In particular, we introduce a new strategy for difficulty adjustment in the hybrid blockchain and provide an analysis of it. In order to make our construction practical, we enhance Duong et al.'s design. Our design follows a recent provably secure proof-of-work/proof-of-stake hybrid blockchain by Duong et al.~(ePrint 2016). In contrast, Bitcoin blockchain will be insecure if the adversary controls more than 50\% of mining power. editorial in the cryptocurrency press argues thatthe PoS modelcreates acentralizing effect where therich will indenitely get richer. The blockchain in our system is more robust than that in a pure proof-of-work based system even if the adversary controls the majority of mining power, we can still have the chance to secure the system by relying on honest stake.
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Different from the proof-of-work based Bitcoin, our construction uses two types of resources, computing power and coins~(i.e., stake). We design and implement TwinsCoin, the first cryptocurrency based on a provably secure and scalable public blockchain design using both proof-of-work and proof-of-stake mechanisms.
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Paper 2017/232 TwinsCoin: A Cryptocurrency via Proof-of-Work and Proof-of-StakeĪlexander Chepurnoy, Tuyet Duong, Lei Fan, and Hong-Sheng Zhou